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You start working at age 18 and you plan to deposit $5,500 in a savings account every year (end of year) for the next 47

You start working at age 18 and you plan to deposit $5,500 in a savings account every year (end of year) for the next 47 years.

a. At the end of this time, how much money will you have if the interest rate is 7%?

b. You decide that's not enough money. How much will you have to save every year if you wish to have $3,000,000 when you retire?

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